Maximising the value of store space through indoor advertising

Adrian James

The movement toward eCommerce has led to brick & mortar retailers increasingly viewing floor space as a 'cost cross' to bare. Pure play online retail is not burdened with the costs of leases, staff, regulation and business rates. This gives them an unfair advantage and allows them to pass on these savings to the customer.   

So how do you take a burden like this and find a way to fight back? The answer lies in the monetisation of space itself, using the assets you have to drive revenues. Monetising space does not mean the plastering of adverts across the store, this would have a negative effect on the store experience and it would be hard to charge advertisers correctly. It means using data to sell advertising space in store to key segments at the right time, in the right place.

In-store analytics helps to promote products at key times and places in the shoppers’ buying process

Using in store analytics it is possible to measure the best advertising location, which content to advertise and when to do it. Using the data we anonymously collect from the wifi signals emitted from a smartphone, we can tell who dwelled in an area, when they did it, where they came from in the store and where they went to in their onward shopping journey.  This allows us to build a picture of the shopper. For example, at 6pm we saw 25% of shoppers dwell in the ready made meals aisle having come from the fruit and veg section and went on to wine, toiletries and check out at self service. Using this data we locate advertising on digital signage screens placed at key locations across the store, i.e. end of aisle or in aisle. Retailers can sell these advertising slots to brands looking to promote their products at key times and places in a shoppers buying process or bring awareness to new products.

For example, as the shopper leaves the ready-made meals aisle at 6pm on a Thursday, there is a 47% chance they will be going to the wine aisle so the retailer shows an advert for a premium wine at the end of the aisle gondola.  Retail analytics can not only provide the data to price the value of the slot, the demographic and the path, crucially it also provides post impression data on the number of actual views on the advert – something online display advertising has struggled to do accurately over the years!

Many retailers may view this as a little too 'Minority Report' for them and shy away from anything they perceive as impacting the customer experience. This maybe a little short sighted, since in today's stores we use promotional stands and pull up banners to effect the same thing, this new approach has more measurability than other methods, and handily also provides an opportunity to unlock new revenue streams for the brick & mortar retails. 

Cooperation with Samsung to bring new revenue streams to bricks and mortar

Working with our digital display signage partner, Samsung, we are developing ways to help retail monetise space and bring new revenue streams to fight back against the onslaught of internet shopping. With 78% of us still buying from bricks and mortar stores it’s clear that by making some simple changes to the way we view and analyse instore space that the physical retail world is very much alive and kicking!

Access in-store sales funnel white paper

WALKBASE BRIEFLY

Walkbase provides a retail analytics solution for improving the impact of marketing on physical stores and personalising in-store shopping experience.

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